| The Directors have pleasure in presenting the Fifth Annual Report of
the Company with the Audited Statement of Accounts for the year ended
31st March, 2000.
Financial Results :
PARTICULARS (Rs.) (Rs.)
CURRENT YEAR PREVIOUS YEAR
ENDED, 31.03.2000 ENDED, 31.03.1999
Income from Operation 38,55,035 25,64,330
Other Income 5,43,373 13,54,518
Total Expenditure 42,45,399 33,73,235
Interest & Other Financial 2,312 4,725
Expenses
Profit after interest but 1,50,697 5,40,889
before Depreciation & Tax
Depreciation 24,325 37,754
Provision for taxation 48,653 1,85,091
Net Profit 77,719 3,18,044
Paid up Capital 4,24,29,500 4,24,29,500
Reserves 4,74,352 3,96,633
Earning per share .012 .053
Dividend :
The directors do not recommend any dividend for the year in order to
conserve the reserves of the company and to meet any future
contingencies.
Directors :
Shri M.L. Mittal, the director of the Company, is liable to retire by
rotation at the end of forthcoming Annual General Meeting and being
eligible, offers himself for reappointment.
Auditors :
M/s Kuldeep Sharma & Company, Chartered Accountant, Auditor of the
company will retire at the end of ensuing Annual General Meeting and
being eligible offers themselves for re-appointment. The Company has
also received a certificate from them under section 224(1 B) of the
Companies Act, 1956.
Auditors' Report :
The notes to be referred to in the Auditors Report are self explanatory
and therefore do not call for any further comments.
Operations :
The Company has entered into the field of Steel trading and its
products and the operations for the first year of operations are
satisfactory and your directors are confident of achieving better
results in the coming years.
Particulars of Employees :
There are no employees drawing remuneration in excess of the applicable
limits prescribed under section 217(2A) of the Company Act, 1956 read
with Companies (Particulars of the Employees) Rules, 1975.
Conservation of Energy :
The Company has not consumed energy of any significant level and
accordingly no measures were taken for energy conservation and no
investment was made for reduction of energy consumption.
Technological Absorption :
No comment is made on the technology absorption considering the nature
of activities undertaken by your Company during the year under review.
Foreign Exchange Earnings and Outflow :
There has been no foreign exchange earnings and outflow during the
year.
Y2K Compliance :
The Company has successfully undergone Year 2000 roll over. All system
and equipments are functioning properly.
Corporate Governance :
The SEBI has accepted the report of SEBI Committee headed by Shri Kumar
Mangalam Birla relating to compliance of Corporate Governance code by
the Listed Companies. The said corporate governance code will become
applicable to your company by March, 2003. Your company is gearing up
to ensure that all the mandatory provisions are fully complied with
before the deadlines prescribed in this regard.
Personnel :
The Board wishes to place on record its appreciation for the devoted
services of the Executives, Staff and Workers of the Company during the
year.
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